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Finance minister AHM Mustafa Kamal on Friday said they would take more time to decide whether the current scopes for legalisation of undisclosed income on various sectors would be extended beyond June 30.
He made the statement while addressing a post budget briefing virtually, one day after announcing the national budget for 2021-22.
In the budget for FY21, the government has incorporated a provision titled ‘special tax treatment in respect of undisclosed property, cash’ in Income Tax Ordinance-1984, allowing legalisation of cash, bank deposits, financial schemes and instruments, savings deposits and savings certificates by paying only 10 per cent tax.
Mustafa Kamal said there had been mixed reactions on the current scopes.
Many said it was not equitable, he said.
But the multiplier effects of legalisation of undisclosed money are often much higher, he said.
He said that the government needed more time to finalise a decision on this regard.
